August 16, 2024 at 03:49PM
Unicoin, a cryptocurrency associated with the reality TV show Unicorn Hunters, suffered a security breach that locked staff out of their G-Suite accounts. Investigations are ongoing to determine the extent of the data compromise. Unicoin assures no loss of assets but acknowledges the significant impact on business operations during the four-day outage.
From the meeting notes, it is clear that Unicoin, the cryptocurrency offshoot of reality TV and entrepreneurship show Unicorn Hunters, experienced a significant cybersecurity incident. The unknown attacker compromised their G-Suite, leading to all staff being locked out of their accounts. The attacker had high enough privileges to change every single user account password, resulting in @unicoin.com email addresses being locked out of Gmail, Docs, Sheets, Drive, and other related services for approximately four days.
Four major discoveries were made during the investigation at the time of the SEC filing:
1. Attackers definitely broke into the company G-Suite.
2. “Discrepancies were found” after assessing corporate accounts, specifically regarding the personal data of employees and/or contractors in the accounting department.
3. “Traces” of evidence suggesting email messages and accounts of some company managers were accessed.
4. “Traces of identity forgery” regarding a company contractor, whose contract was then terminated.
It is noted that there is nothing to suggest that Unicoin’s cash or cryptocurrency assets have been lost, and they are still working to determine the extent to which company data has been compromised.
Additionally, it is mentioned that the entirety of the Unicoin organization lost access to their corporate Google Workspace for approximately four days, and only intervention from Google engineers would have been able to oust the bad actor, given the total level of compromise.
The nature of the compromise and the specific attack vectors are currently unclear, and there are questions regarding how the attack was able to evade Multi-factor Authentication controls and the potential involvement of the identity forgery mentioned by one of their now-terminated contractors.
Furthermore, Unicoin is described as a next-generation cryptocurrency token backed by an asset portfolio comprised of equity stakes in companies featured on Unicorn Hunters. It is marketed as a more stable investment compared to “first-wave” crypto tokens. The company has launched its coin on the INX.One trading platform and is looking to go public soon, having already sold over $500 million worth of its tokens to more than 7,000 investors.
In summary, the meeting notes provide a detailed overview of Unicoin’s cybersecurity incident and its business model as a cryptocurrency token backed by equity stakes in companies featured on Unicorn Hunters.